January 2nd, 2024 Watch List

Happy New Year and Welcome to 2024! Markets are pointing to a rough start to the year, with S&P futures down .80% as I write this. Asia stocks tumbled overnight on poor PMI data while Europe indexes are mostly lower this morning. The US dollar, Yields, Oil, and Gold are all starting the year off in the green.

And without further ado, here is my Top 5 Stocks Webinar from 2024: https://www.optionmillionaires.com/top-5-stocks-for-2024-webinar/

And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-379/

It was a great year for stocks in 2023, well at least most of them, with all the major indexes rallying, led by the Nasdaq. The S&P also enjoyed a great year, closing up 24.23%:

Some nice data here showing what historically happens after markets rally over 20%:

https://x.com/RyanDetrick/status/1741209968693440711?s=20

There is still a lot that needs to be worked out this year, with Geopolitical tensions at levels not seen in years, a Fed that can't be counted on, and higher rates that may eventually start to take a toll on consumers and companies alike. This morning futures are lower after weaker than expected China PMI data, rising tension in the Middle East between the US and Iran, and a 7.6% earthquake in Japan. The S&P closed higher for the 9th week in a row, have to think at some point we will have some consolidation. If things get dicey today and tomorrow, will be watching that $467.50 handle on the SPY as support with $475 being resistance if buyers come in:

Friday was another boring, choppy, premium-crushing session so I sat on my hands. Hopefully volumes will come back and I can get more aggressive this week:

ALT had held up nicely after its recent rally. Think $15+ is coming but not surprised to see profit takers come in at some point. If they do, would want to see that $9.75 handle hold:

A nice piece in the WSJ on MASI this weekend:

https://www.wsj.com/tech/joe-kiani-entrepreneur-apple-warning-52eb09a9

We should find out next week if the Apple Watch Ban will go back in effect. If it does, have to think MASI is up quite a bit on the news as it will likely force AAPL into a licensing deal or outright buyout. Think MASI heads to $130+ on its own merits regardless of the decision:

This is typically a great time of year for WW, with New Years resolutions in full effect. Would want to see the stock continue to hold that 200dma at $8.22 and work on getting over that $10 handle:

The JP Morgan Healthcare Conference is next week from Jan 8th - Jan 11th. Always seems to be some movers each year, and I t think more so this year as I think this will be the 'Year of the Bio'. ISRG tends to release prelim numbers at the conf, they will present next Weds morning. May look at some spec calls into the event. Think $360+ coming:

STAA is one of my Top 5 stocks for 2024. Really like the setup here as long as $30 holds. Will be watching today for a possible entry into some Jan and/or Feb strikes:

Looks like it will be a tough open for names like TRIP, YOU, RDFN, CHWY, SMG, TRUP and FVRR. Still like them for higher in the coming weeks.

EXAS failed at the 200dma and fell over 2% Friday. This morning the stock received an upgrade at benchmark. Hopefully the kick it needs to get back over that $75.50 hump and beyond:

And here is what I am watching today: STAA, AGYS, ISRG, MASI, SPOT, ROKU, ALT, BIIB, GILD, SPOT, AMLX, RDFN, CHWY, ALGN, Z, AI, TRUP, ULTA, ISRG, RBLX, TGT, FVRR, AVAV, NFLX, EXAS, AAPL SQ, LRCX, LULU, LLY, NVO, TWLO, NOW, SITE, MELI, AVGO, and WIX. 

Let's have a great day!

-JB

JimmyBob (Scott)has been trading equities for over 15 years, a majority of which were OTC micro-cap stocks. He started trading high risk stock options over the past 7 years, and has proven winning trades in excess of 15,000%.

As one of the Co-Founders of optionmillionaires.com, Scott enjoys sharing his knowledge with other investors through timely blog posts, daily watch lists in the forum, weekly webinars, and helpful advice within the chatroom.

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